Union Bank of India onboards M1xchange as TReDS partner

Union Bank of India onboards M1xchange as TReDS partner

New Delhi, In the light of Prime Minister Narendra Modi making it mandatory for corporates and financial institutions to join Trade Receivables Discounting System (TReDS) platform for the betterment of Micro, Small and Medium Enterprises, M1xchange announced on Tuesday that Union Bank of India has partnered and joined its TReDS platform for factoring of the invoices of the MSMEs in compliance with TReDS guidelines issued by RBI. A formal agreement between UBI and M1xchange was signed by Mr P S Rajan, General Manager-Credit Policy & MSME, Union Bank of India and Mynd Solutions Pvt Ltd CFO Ramesh Bisht, according to a statement here.

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